Small biz: personal vs. company accounts hierarchy?

[Derek Atkins]

Chris Shenton <chris at shenton.org> writes:

> I'm pretty new to gnucash but would really like to use it for my
> one-person company which operates as an LLC.
>
> I can create personal accounts for banks, credit cards, expenses, etc.
> But I don't know how to separate this from the LLC in- and out-flow
>
> The LLC invoices a client, the client cuts a check to the LLC, it gets
> deposited in the LLC's checking account.  The LLC then writes a check
> to me (the human) for hours worked; it also writes checks for
> business-related expenses including a credit card for the LLC.
>
> So how do I set up accounts for me (the human) versus the LLC?

Two files.

> I've read the Concepts Guide and it looks like I should enter LLC
> invoices submitted and paid via an Account Receivable account.  I
> presume I record LLC expenses (including paying the human) in an
> Accounts Payable account.  How 'bout the LLC's checking account (which
> is where checks from clients get deposited) and the LLC's credit card
> account? In various reports and summaries, how do I keep LLC assets,
> liabilities and such distinct from my (human) accounts?

Two files.

> I'm not clueful enough about accounting principals, practices and
> vocabulary yet, sorry.  Thanks for your help.

I'd recommend an accounting-101 book..  Or at least read the Gnucash
Manual.

-derek

-- 
       Derek Atkins, SB '93 MIT EE, SM '95 MIT Media Laboratory
       Member, MIT Student Information Processing Board  (SIPB)
       URL: http://web.mit.edu/warlord/    PP-ASEL-IA     N1NWH
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